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the economy is bumming -- coming back ask can support a new, huge mall. take a look at the line in starbucks. one hour before malls opened. >> you've got a brand new store in the bay area, we flif tracey and don't have things close by. we've been waiting for this mall to open up. >> it's predictions are that traffic will be clogged throughout the grand opening weekend. executives made plans to try and accommodate the crowds. >> we keep this thing flowing as best we can and allow it to minimize the affect. >> the mall has 130 stores and restaurants, big brand names you're likely familiar with. we did find one business among all of the big names. the owner of the company is excited and nervous about the number of shoppers here in the big league. >> we're going to do the best we can and it's going to be a learning exkbreerns for us. >> deals here are good. i've seen 50 and 60% off. one insider tells me some stores will probably take a loss to get attention and excitement here in this mall. j!q"p)e are serious shoppers here. amy hollyfield abc 7 news. >> be honest. would you rather be at the mal
is approaching. economists say the fiscal cliff could throw the economy back into a recession. both republicans and democrats emphasize compromise. >> this is an opportunity for the president to lead. this is his moment to engage the congress and work towards a solution that can pass both chambers. >> reporter: the cliff is automatic tax hikes that could kick in by the end of the year. the average american family will pay between 2 and $3000 in additional taxes. 12,000 government programs will see cults and unemployment is expected to -- cuts and unemployment is expected to climb back above 9%. >> the big problem is uncertainty. we need to see progress on the fiscal cliff. so long there is uncertainty that will hamper the economy. >> reporter: reported jobs here could expand by 7.2% between 2013 and 2014. this is because of solid job growth and technology in san jose and san francisco. >> if there is a potential recession on the horizon, companies are not going to expand. they're not going to spend the money on hiring new employees. they may cut more employees and we're back to square one in tr
, republicans say that it will hurt the economy for the fiscal cliff. >> if we're serious about reducing the deficit, we have to combine spending cuts with revenue and that means asking the wealthiest americans to pay a little more in taxes. >> congress also has to figure out how to reduce spending on entitlements like social security, medicare. with the balance of power unchanged on capitol hill. a short-term deal that postpones the fiscal cliff appears to be the most likely scenario. >> we are going to see some temperatures with warmer weather on the way, coming up. >> san francisco make another of rest with the vandalism of a muni bus turned it giants world series a celebration. and emotional reunion in the coming of this kron 4 exclusive as they return from afghanistan. just in time for veterans day. and to just after the reelection. che facing-the fiscal cliff. >> san francisco police have made a third arrest in connection with the vandalism and arson of a muni bus. and during the giants world series celebrations. police say, this man a 24 year-old adam diaz of oakland was are reste
and hopes house republicans hold their ground. >> student compromise is driving the economy down. and they need to work on government reform at all levels. >> time for the guys to reach a compromise here, if congress fails to reach an agreement soon, a tax hike and drastic spending hikes will take affect on january 1. leaders of both parties reaching out on capitol hill. we'll have that development in the second half hour. >> stocks suffered their worst one day loss of the year. the dow dropped and investors looking past the election and focusing on big problems ahead in europe and potentially in washington. cory johnson will join with us a parkt recap in about 10 minutes.. >> now, to the elections over. has outlook changed in silicon valley? >> abc 7 news david louie checks on the pulse of the local economy. >> happening now, i'm david louie. the electric was yesterday, but today a kind of referendum held on wall street. investors selling off in such a way it could impact everything from solar energy companies to cloud-based companies. ash wagner has a small solar company with s
it gets us to sea level. the economy is coming back. we can see a brighter future. over time, we can reinvest in education, reinvest in higher education, social services. but it's not happening tomorrow and it's not happening the next day. >> so what everybody's wondering, will our taxes be raised within the near future, the next year, two years? >> well, voters decided that taxes will be raised, of course-- >> besides prop 30. >> beyond prop 30? that's not where we're going to be focusing. there are other things that we can do with a two-thirds vote threshold. a lot of the dysfunction that appears from sacramento is because the majority has not had the authority to do its job. with a two-thirds vote threshold, without a two-thirds majority, the minority can literally veto what the majority wants. now the majority can do these jobs. >> it's a little evasive. we're saying not taxes, at least not now. what are the other things you think are going to be on the table? >> fiscally related, we can look at tax credits, tax expenditures, tax loopholes, mostly benefiting corporations. they ca
tomorrow on economy and america's impending fiscal clip. she will avoid tax cuts and spending cuts that will undermine the account economy. >>> wall street endured a second straight day of sauce losses. concerns about congressional gridlock on fiscal clip out weight encouraging news about another decline in weekly jobless claims. still coupons are taking after a disappointing report. analysts expected a slight profit. shares after hours are down 15% and now about 80% off a $20 per- share ipo price last november. >>> twitters says it accidentally reset passwords for a number of users after some accounts were hacked. think of this go micro blog over to a number of users about a suspected phishing scam and reset their passwords. other users have their passwords reset even though they were not compromised and twitter apologized. >>> traffic was gridlock in one part of the state as shoppers went to a new outlet mall. rob will tell us how that spending is expected to pay off big for the city of livermore. [ cheering ] >> champagne, confetti. the celebration began this morning here on la
-called fiscal clef that could plunge the economy back into recession. he is expected to urge congress to pass a bill preventing bush era tax cuts from expiring for all but the wealthiest americans. the newly reelected president and congress face the january 1 deadline to avoid a combination of tax increases and spending cuts that all sides agree would undermine the military and other basic government functions. here's a closer look at how dire that nightmare scenario could be of nothing is done. a report from the congressional budget office says the jobless rate would jump to 9.1% if no deal is reached. analysts say it would cut the federal deficit by more than $500 billion by next september. the adjustments would also cause the economy to shrink by 0.5% next year. but now that the election is over, washington's power players are figuring out what the future holds. secretary of state hillary clinton and treasury secretary timothy geithner have expressed the desire to step down. today, u.s. attorney general eric holder spoke with students at the university of baltimore. he said he will have to
are hurting giving back not only to the people but to the economy. they buy food there, supplies, they buy heat and gas and it's an amazing, amazing gift. if you can give anything, it goes directly to the people who need it. 105 grand. way to go. all right. we're there until 7:00 right, roberta? >> reporter: we love you, bay area. thank you for having so much heart. >> big heart. all right. thanks. we'll check back with you. >>> the homosexual sodomy movement is attacking chik-fil- a because it supports traditional normal american values. >> the dueling protests at the bay area's newest chik-fil-a. >> bay area drivers willing to wait in traffic. we are going to show you the goal at the end of that gridlock. it is a jammed- packed, grad [ laughter ] [ girl ] wow, you guys have it easy. i wish i had u-verse when i was your age. in my day, we didn't have these fancy wireless receivers. blah blah blah. if i had a sleepover, i couldn't just move the tv into the playroom. no. we had to watch movies in the den because that's where the tv outlet was. and if dad was snoring on the couch, we muscled
spending cuts and tax increases that kick in at the end of this year would push the economy into another recession. on the campaign trail the president made clear he wants a deal that includes tax reforms and new incentives for businesses that keep jobs in the united states, but he also wants tax increases on wealthier americans, something republicans say they will refuse to consider. reporting live from washington dc, allison byrnes ktvu channel 2 news. >>> a penalty phase hearing continues today for a convicted of killing two people. prosecutors wants death penalty for nathan barris. he threatened to kill them after he fired them. back in 2008, he sent a letter to barris's former girlfriend, debra ann ross warning he may be a threat to her. those fears proved to be true on august 11th, 2009, that's when authorities say barris shot ross who was a toll take and are shot and killed her friend. >>> an ancient fossilized tooth that was dug up is on display at the academy of sciences. a train operator found that tooth just two months ago. it was buried about 110 feet deep. they think that to
in santa clara today. technology is a key driver of the south korean economy. making up 40% of the trade w out the components, americans might not have smart phones or tv monitors. >> this is under celebrated fact that the technology purr vais homes of most americans.. >> the agreement is paving the way for more investmentvc'e÷ and partnerships between silicon valley and core rea. 500 companies are showing off their latest technologies, at a two-day conference. nancy developed in a -- california tech firms see koreas as a partner. joaquin sold his company for the energy industry. >> korea is a great launch pad. very innovative. a great track record, u.s. companies are teeming with large companies like lg, samsung to be the launching pad to be a spring board for the world. >> samsung is a electronics giant but has been engaged in a legal battle with apple over patents. the deputy minister for the knowledge economy is reluctant to answer questions whether the legal dispute will hurt efforts. >> to they can bring more. >> the interpretor says korea has goals. >> we want to promote more vigor
that is almost certain. fuel economy is a major deciding factor for 97 percent of customers. that's according to study by ford. well now with new federal regulations and rising gas prices abc 7 news reporter jonathan bloom has look tonight at the changing face of american automobiles. >> i'm about to test drive the the energy. the first ford you can fill up and also plug in. plug in hybrid is a great in between in terms of both hybrid and full electric vehicle because you really have the capability to do both but you don't have the range limitatio limitation. >>reporter: with 20 mile range on battery or over 600 with the gas tank the car decides which were to use. >> rate now i can flooring the pedal to use gas. did you notice the difference. >> gas kick in. >> or push button to go all electric. 30,000 dollars claims the car pays for itself by getting the electric equivalent of 100 miles per gallon. >> first to brick the million stone. centennial mail stone. of. >>reporter: electric cars nothing new for ford. in 1914 henry ford and firestone posed with edison trying to bring the first
we all face automatic spending cut tax increases that threaten to endanger the economy. they spent the day on capitol hill. >> now that the election is done, lawmakers are scrambling to avoid that dreaded fiscal clip and the deadline is coming fast. >> the congressional leaders started looking for an opening to move them away from the so- called fiscal clift. >> they stand ready to work with you. >> compromise is not a dirty word. >> reporter: without a deal before the end of the year, families will see their taxes go up $2,000 to $3,000. they will see their budget slashed and they could climb above 9%. it's tough medicine for an economy still in recovery. >> it is very likely suffering deep recession. and i don't think that is the way that we want to go here. >> reporter: and they drove themselves to this clift when they approved the budget cuts to force themselves to deal with the cut. it comes as they are set to expire. >> and after years of punting on the major fiscal challenges that we faced, 2013 is going to be different. >> reporter: and there is still some major roadblocks.
their taxes rise by nearly 50%! the impact on the recovering economy everybody believes is what would have happened to james bond to jamesskyfa'sky >> catherine heenan, kron 4. >>pam: kron 4 is just i justine waldman. >> solutions to keep america from falling off the fiscal cliff are not pretty. >> it would be really hard headed if they come to an agreement. >> the president and congress allowed a kron agreement to fall over by. >> with higher unemployment, the only positive if there is a positive here is that the deficit will go down. >> if there is no agreement it will just highlight the to functionality. >> we are so strong about or policies, individually but we do not care if we go into a recession rather that then a compromise cahow >> increasing taxes and making money saving changes. it is a tough reality. >> the fun days are over but nobody likes those changes but you have to do it. and it is time to get your finances in order. we have 53 days to figure it out. justine waldman, kron 4. >> we are asking what is the best way for president obama to avoid sending the country to physical
it be that the fortune 500 there are fewer than 20 ceos. if we want our economy to flourish and grow we must lift up women leadership in our economy. very important. women in the academic world. women and health care. any subject you could name is more wholesome more successful more efficient with the involvement of women. when women came to the polls last week they registered their support for those who understood the challenges that women face. it is really a remarkable thing. under the leadership of the women standing hear the voices of america's mothers daughters and grandmothers will be heard. women are the bread winners for our families in many cases. the small business owners and our communities. isn't that right. the workers that will spur our prosperity. they are holding jobs but they are also creating jobs as entrepreneurs and owners. we keep our focus on women's rights and health equal pay enjoys. we also know that women are focused on the same issues all of us are the economy, jobs, the future of the middle class and the economy of our country. they are concerned about fiscal soundness f
likely to postpone the spending cuts. i think that would be disastrous for the economy. and i think we're likely to let the tax cuts expire than come back in january and cut the taxes for at least 98% of americans. >> joining me now to map out a timeline, nbc white house correspondent mike viqueira who joins me from right there in the white house. so are you getting a sense of the schedule of these events? >> reporter: the schedule is pretty much up in the air. pretty remarkable that john yarmouth, house democrat from kentucky is basically saying let's go over the cliff because we're never going to come to an agreement. the trouble is that cliff if we go over it, the congress at budget office itself says over the next course of the year if those tax cuts kick in, more than $1 trillion in new added taxes to the american people. plus that sequester, that automatic cuts to defense and domestic spending about $1 trillion as well. the cbo says that will be 9.1% unemployment. gdp will slow by half a percentage point. it could be another recession. so where have we seen this movie before? the
to the economy. back in a moment. >>> a private school was closed following an overnight fire. saint thomas moore school on south white road. investigators say the flames broke out in an office at the school. the water from the sprinkler system poured on to the gym floor. administrators hope the floor doesn't need to be replaced. the cause of the fire is not yet known. the school plans to resume classes monday for more than 200 students. >> families who need this holiday season will have a chance to soon up for help from the local community center. hundred of people camped out overnight at sacred heart community services san jose to register for holiday food distribution program. the program expect to provide food box for thousand of families for thanksgiving and for krchris mast too. >> we are going to be preparing the food boxes next weekend. hope to have all the food in by friday the right now we have four turkeys in the freezer. so, you do the math on that one. >> another registration will take place on friday. >>> how did we all survive? twitter went down today. for a short period. san franc
with voters and stand on that issue and then wait for the economy sadly to go down, because it is, and then be there to be opportunistic and make their way back. >> okay. the reason that california units is twofold. one is to support the tax plan, but the other thing is proposition 32, which republicans put on the ballot to try to take unions out of the political equation. you invited a fight you couldn't win and they cleaned your clock. >> thank you very much for saying that. i was so powerful that i did all of that. in fact, that was put on the ballot without consultation in advance by the california republican party. with all the legislators being involved. that sort of a problem with republicans in california. we help all the separate groups that don't work together and plan these things out. that is the headache that republicans both me and the party and in the legislature have to deal with is outside parties who have these agendas. >> it's not unique. jerry brown woke up and found molly munger, a democrat leaning individual, coming up with her own idea of a tax plan. let me
the economy anyway you can, pam. >>> good morning, let's take a look at the commute. well, you know there is that phenomenon and there is a little bit on the freeway. let's did out and take a look at a problem we have in daily city. there is a water-main break near hill side park. it looks like a fire department and it is a pretty significant water-main break and it's unletter and we will let you know more as we find out more. 880 southbound, traffic is looking good in both directions and at the bay bridge toll plaza, it is looking good but today more people will be using the bridge than yesterday. >>> cold out there for some and in san francisco, it is 52. that is because they are getting and easterly breeze inland so a cold start and sunday for most, i will get out of the way so you can see these. they officially -- occasionally get some of these higher clouds. 52 in san francisco, san jose is 43. it is not too strong of a breeze, i have seen parts of elevations and even parts of the peninsular. no doubt about it, they will be checking in with mid-70s, everyone else is looking for
depot. fueling the dollar's and release some great numbers is this a good sign for the economy? >> basically the u.s. economy is not dead toward with millions of dollars in sales and the home around sales are going higher. realistic value is also increasing. for the last couple of quarters. as we all in our homes we're upgrading. if we go to hop home depo, this is good and no news and also working sandy helped. >> and also let us talk about apple. the stock up, down. , $705-$750. this year, it started at $400-and i also own shares of the company. i need to disclose that. companies like google, intel would to roll over those numbers and microsoft is done by 32 percent. and investing in those numbers comparison to the other numbers. it is just stunning. yes, they a bad management shake-up in the iphone 5 takes 2-3 weeks that is also not good. they needed to manufacture those faster you'll probably see an iphone 5 that is easier to manufacture sooner than later. >> we will continue to keep updated on debate. news >> the internet giant mcafee is wanting he is- wanted... area police
, but the biggest threat to the schools and the northern virginia economy is sequestration. economists predict up to a half a million jobs could be loss in the d.c. area that. would lead to vacant buildings and a sharp decline in commercial real estate taxes which is a major source of funding for local governments. >> i was working on a train track. >> reporter: foust grew up in johnstown, pennsylvania where steel mills created a bustling economy. today the mills are abandoned and jobs are scarce. >> it has certainly been nice to have the federal government, fall back on the government contractors and government employment, but personally i'm from an area that relied on the steel mills until it was too late and there was no diversification, steel mills closed. i don't want to see that happen in fairfax county. we want to diversify our economy and be less dependent on government contracting in the long run. >> of course, while there is optimism congress will stop the fiscal cliff, it's been a little too close for comfort and like never before, local governments are doing what other places are acr
-time jobs which is great for the economy anywhere. even more in the seasonal and job front popping route that this is a first outlet mall that has been open and four california in 11 gear years. >> my daughters are looking for the coming to them all the of the market on the calendar. >> i love that i come back all the time of my friends. and not let key brands i really like their jeans and i will come back here and buy them then to go to the regular store. >> the city of livermore plunged pitch and $30 million for interest its infrastructure support. it will be between $68 million the year to bring in revenue which would be great. it opens at 10:00 this morning but the good news is it will stay open until midnight tonight and tomorrow night. >> with the economy in the way it is an evil struggling with the they are it was certainly a roll the dice of if you build it they will come. >> we're talking bloomingdale's and saks fifth avenue our money. people are saying they're hoping the people from seven cisco and tourists to come out and take glass buses and do their shopping out here. -- san
, they sat it out. so, you know, it was going to be hard, even with the bad economy, for obama to lose. >> i think you're right, paul it wasn't just jobs and the economy, i was climate change. it was reproductive rights. it was gay marriage. there were a lot of issues that have changed in the last ten years and the republicans just did not -- >> the democrat graphic shift, this is a realignment election. it happens once in a generation. in 1980, 91% of the people who voted for the president were white in the united states. last tuesday, it was 72%. that number is going to continue to change. and the republican southern strategy for 50 years, that they have had, which is, reach out to mostly rural, mostly religious, mostly older white people, the math does not add up anymore. barack obama had an 80/40 strategy. you win 80% of the nonwhite vote, which is 30% and you win 40% of the white vote. add that together, you get 52%. that's what he did. >> you know what i thought was interesting, though? it would seem a lot of people are talking about how this election was a wakeup call for the republic
the economy is off and running. we're just one piece of legislation from a much stronger economy. >> getting that one piece of legislation may prove difficult. the president says voters picked his path but the house speaker points out that they returned a republican house. david curly, abc news, white house. >>> an official accusation and abuse of power by a hercules councilman. councilwoman is in hot water with fellow council members for silence ago resident over blog posts she believed was critical of her. they accuse her of interfering with a premeditated and conspiring manner, end quote. >>> new this morning, the financial benefits the golden state warriors would bring to san francisco are estimating $54 million and that is just for starters. warriors plan to build a 17,000 arena at pier 32. a new study projects $54 million in one time revenue and $19 million each year after that. the estimate assumes they would hold events outside of basketball season. >> only on abc7 news we have learned the back story to a dangerous situation that happened on the peninsula. a hotel had to be evacuated
in education and job training and manufacturing all the ingredients of a strong middle class and strong economy. >> instead of raising tax rates on the american people and accepting the damage it will do to the economy let's start to actually solve the problem. the tax reform. lowers tax rates. instead of accepting arbitrary cuts, that will endanger our national defense, let's get serious about shoring up the entitlement programs that are the primary drivers of our country's massive growing debt. >> both the president and republicans are willing to compromise and hope to reach an agreement. >>> well, new details tonight in the search for the suspect in the murder of his wife in san jose. he was found dead late this afternoon. the body of 50-year-old troy know sen sow was found in his -- know sen sew was found in his car. they had been searching for him since his wife patricia was found dead in their hole yesterday orange. >>> on this holiday weekend one bay area hospital is offering hope for veterans. cbs 5 reporter anne makovec shows us the ground-breaking program helping am pew tree athletes
newsom's energetic leadership the economy grew and the city became an economic center for biotech and clean tech. gach newsom has been a trail blaitzer on combating homelessness and protecting the government. in 2007 he was re-elected as mayor with more than 70 percent of the vote, which is unheard of. please welcome our lieutenant governor, gavin newsom. >> my role was to get tom to speak. i'm just going to jump in because i want to keep you all on time. you've got an agenda packet and i'm going to be held accountable if you don't meet it. roslyn, let's pick up on tom's passion. he told me a couple points that are important, that is the consciousness awareness, this growing consciousness around bullying. and it's a question i guess that requires, has bullying gotten worse or have we gotten better to begin to recognize it? >> hard to know. tom and the president refer to as far too often as a rite of passage. we certainly are seeing evidence in ways that i don't recall, the levels of violence, the vitriolic violence, it's not just coming from the back of the school, it's c
with the furnace. no one was inside that have home at the time of the blast. >> as u.s. economy continues to work its way on a come back here, silicon valley is turning to south korea for help, south korea is seeking u.s. partners. david louie is live in santa clara. >> a lot of silicon valley companies like to arefer to south korea as a vision of the future where virtually every one has access to broad band connections and 90% of the people using publication transit pay fares dus using smart phones or smart cards. >> technology is a key driver of the south korean economy, making up 40% of the trade. without components it makes americans might not have smart phones. >>bb3y it's an under celebrated fact that korean technology surveys hopes and pockets of most americans. >> the freed trade zbreemt paving the way for more investment and partnerships between silicon valley and korea. 500 companies are showing off their latest technologies at a two-day confer yens in santa clairea. all the fun california tech firms see korea as a partner that can help them develop their technology. the company makes
. and also, does obama want to compromise or work with the economy germany, china, greece. they have passed on the austerity cuts they're not getting the european union that funds they have been auctioning off funds. >> they need to start selling off some of those great monuments. is there any hope of grease stain in the european union? priests if staying--and decreasing just just not have the economy. and the country of is not have the staying power to stay in the european union. other countries follow suit, portugal, spain. >> let us take a look got the weather. >> good morning, darya is called right now by the it could be me. with w feet could-g this downtown san francisco it is--raining. concord san jose, 40's. it is a bit warmer than just 24 hours to go into continue with that warming trend. '70s. 70's for santa clara. '70s and los gatos. and 67 in fairfield. 68 in union city and a mild day with rain chance is to the north. 60s in petaluma. downtown san francisco at 65 degrees. 69 in oakland. the satellite and radar showing is what weather to the north of that will steer clear. we will
. now improving economy and new tax revenues from prop 30 are all credit ted. >>> san francisco city hall should be back to nominal. that fire caused power outages until 7:15 last night. the cause of the fire is still being investigated. >>> sal, do you have everything under control on the east shore? >> i think i to let's take a look at the commute. we started off well but we have an earlier send it but toll plaza is looking nice if you are driving westbound. no problems on the lower deck of san francisco and the commute looks good into the city. 101 is off to a good start. >>> all right, we do have -- not a bad morning, but clouds will be increasing later on. we have that in between day. it will be a little cloudy, and they ask me all the time when can i go out and not have it be raining? tuesday night. 30s, 40s and 5 ross. 52 in the city, it just depends and there is a lot of cloud cover that will come in and this is just up with forecast model. it is a seen of things to come. no rain, it could be a few hit and miss showers, no big deal. it starts friday morning. we will be talkin
jobs in this economy. >> and we tried to do the same thing in philadelphia, a sugary tax, no, no, it was knocked down by city council, almost instantly. you've been to philly, no. >> alisyn: don't mess with-- >> we're going to tax your cheese steak, no, you're not. i get the idea what they're trying to do. they're trying to make us more healthy. it's personal responsibility. leave it up to me to eat the big mac. >> dave: denmark showed us the way. >> alisyn: you'll always make the wrong decision. you can find us all on twitter and let us know if you think that the fat tax has any merit, including increasing revenue. >> dave: all right. coming up next, they stand in the front lines to protect our freedom, this veterans day we'll meet a woman whose husband just returned home from afghanistan, she shares what it means to be a spouse of a guardsman. >> then, if congress can't come to a compromise, millions of americans could pay the costs come next year. so, what does the nearing fiscal cliff mean for your wallet? we'll talk about that. ♪ come together right now ♪ over me ♪ ooh
economies is now harming germany's economy. and so as a result, we get a little testy early on in the morning. right now, actually the futures are pointing slightly higher and i'm emphasizing "slightly." >> a lot of people thought it was because of the election. it was like the perfect storm of things going on in europe, as well. what about the "fiscal cliff"? what are the worries there? >> reporter: well, i spoke it a lot of large money managers. these are the people who are running the funds that are inside of your retirement accounts and they said they were very spooked by the tough words from partisan politicians over the "fiscal cliff." and don't forget, not only are those spending cuts and tax increases set to go into effect in january. but if you're an investor, you have to worry that the combined effects raises your taxes by about $3,700 per taxpayer and could send the u.s. economy back into a recession. so that's why the ratings agency fitch said that unless congress and the president come to an agreement quickly, they risk losing our beautiful aaa rating next year.
to 50%. the impact on the recovering the economy everyone agrees it will be like what happens to james bond in sky fog. kron 4 news. >> we will follow the latest developments on capitol hill as the approach the fiscal clip. san jose a quick live look traffic is fine. they have rain not too long ago it may still be falling. we will find out from erica. it is chilly 47 in san warning of only 256 this afternoon. 0ñ@Ñ we are back at 4:44 am. here's a look at different of cases throughout the sierra. snow is blanketing roadways and ski resorts. some think the amount of snow will bring an early ski season. most of the top hole resulorts will be opening up. now with the three day weekend coming up ski resorts are expecting big crowds. in a presleys' it was said they would reopen tomorrow after they have had enough time to make snow. resort officials say if that does not work they will open on sunday keep tabs on their website for the latest information. >> at4:45am. let's talk about the rain. >> be the good news is the wet weather is rotating out of their parent storm tracker 4 is lit up. y
think our economy is improving, and they finally did it. i'm happy. >> reporter: and those who didn't have a shopping invitation today decided to do a site preview. bringing along some friends. >> pepsi, wepsi, and squirrely whirly. do they like to shop? >> yes. >> reporter: and well behaved dogs like to shop. stores opening at 10 a.m. with a champagne and confetti grand opening. will they be ready? they say yes. . >>> a rough day on wall street. the dow plummeted more than 300 points in its worst single day of trading this year. but it wasn't just an election hangover to blame. >> another big issue sinking the market today is europe. we got a downgrade from the european union and it looks like the recession could last all the way through next year. >> so if you've ever wanted to grab some apple stock, now may be the time because today the stock price hit a six-month low at $561. analysts blame the sluggish earnings report but say the holiday shopping season will likely drive that stock price right back up. >>> it's that time of year again. holiday travelers are booking early and of
defies a fragile economy and high unemployment to win the election, telling the american people the best is yet to come. >> appeals from angela merkel to her european partners -- an end to the eurozone debt crisis will require more unity. >> and a parliamentary vote on another round of austerity cuts in greece. >> thanks for joining us. barack obama has won his second term in office as president of the united states, but his celebrations will be short-lived as the multitude of urgent issues on his desk draws him back to work without delay. >> the first order of business will be to negotiate a new budget deal in congress by the end of the year. otherwise, and harsh plan of spending cuts and tax increases are due to go into effect. we will hear more about that later on in the show, but first, a look back at how things play out on election night in the u.s. >> his face said it all -- president barack obama had to fight hard to keep his job in a tough race against his republican challenger, but once the result was clear, his first message to the american people was one of unity. >> it does n
central bank admitted the euro zone crisis is now harming the once mighty german economy. >> on the subject of taxes, the passage of prop 30 means some californians will get money back. it lessens the risk of another round of budget cuts. for the csu system, a midyear fee-hike will be canceled. many students may get a refund of a previous hike of $241. that hardly solves the state's problems. >> we have to make sure over the next few years that we pay our bills, invest in the right programs but don't go on spending binges like in the days of the dot com boom. >> there's been an up take in home burglaries in the many bay cities, many of them blamed on 35-year-old anna lausi and ladson were arrested. officers found stolen drugs in their car. police say they're behind 15 residential burglaries in san mateo and contra costa counties. >> cbs 5 reporter shows us they're hoping one neighbor in particular can help them out. >> it used to be a beautiful place. it used to be a tranquil place but now it's a place where people are terrorized. >> reporter: she's talking about oakland
could be affecting germany and our economy falling off the cliff -- off a cliff. >> a market climbs a wall of worry, and once we flushed out the positions built into the market ahead of the election we can probably see the market sort of the gradually rebuilding itself as we come closer and closer to the end of the year. >> he says if the divided congress of republicans and democrats can't come to a compromise, the stock market fears could become reality. >> it's not just talk anymore. it's either got to happen or we will go off that cliff. if we do, the fear is that it could be bad enough to trigger another recession. >> another recession is certainly unwanted by all. those from market watch tell me since 1900, whenever there's been a major sell-off after an election issues there's been fourth-quarter gains 74% of the time. that is some good news. j. r. julyan stone, kron4 news. >> big changes out there with cooler temperatures. as we head into tomorrow, rain will return and last into friday. possible thunderstorms out there near the coast. that will continue into friday as well. t
gridlocks. >> by working together, we can different our country a stronger, healthier economy. >> congress's lame duck session starts next week. the president has called all four congressional leaders to urge them to get to work on the issue. >>> preliminary state figures suggest fewer people voted in this year's election than four years ago. according to california secretary of state office 59% of voters voted this year. in 2008 that was above 70%. here just over half or almost 5% of registered voters turned out for tuesday's election. >>> election officials in some parts of florida blame high voter turn out as the reason they are still counting ballots. florida still has about 3% of its ballots uncounted. officials in miami-dade say they hope to be done by tomorrow afternoon. the president has a slight lead in the florida ballots counted so far but the results won't impact the outcome since the president has more than enough votes to declare victory. >> beyond terrible. it's horrible. it's -- i'm done. >> another big storm hits the northeast as the area tries to recover from sandy. the
of the paragon outlet mall in livermore is more concrete evidence that the economy is coming back and can support a huge mall. look at the line at starbucks one hour before the mall opened with >> brand new outlet store in the bay area we live in tracy we don't have many things close by. we have been waiting and anticipating for in mall to open. >> reporter: predictions are traffic on the 580 will be clogged throughout the grand opening weekend. mall executives have made plans to try and accommodate the crowd. >> we've created auxillary parking lots. we know there's a lot of excitement, we want to minimize the impact on 580. >> reporter: the mall has 130 stores and restaurants, all big brands, we did find one family owned walnut creek business among all these big names. the owner is excited and a little nervous about the number of shoppers here in the big leagues. >> they tell me 140,000, i have no concept what that is. we are going to do the best we can and it is going to be a learning experience for us. >> reporter: i kept you in mind, the deals are good i've seen 50%, 60% off of already low pr
outlet mall in livermore is more concrete evidence that the economy is coming back and can support a huge mall. look at the line at starbucks one hour before the mall opened with >> brand new outlet store in the bay area we live in tracy we don't have many things close by. we have been waiting and anticipating for in mall to open. >> reporter: predictions are traffic on the 580 will be clogged throughout the grand opening weekend. mall executives have made plans to try and accommodate the crowd. >> we've created auxillary parking lots. we know there's a lot of excitement, we want to minimize the impact on 580. >> reporter: the mall has 130 stores and restaurants, all big brands, we did find one family owned walnut creek these big names. the owner is excited and a little nervous about the number of shoppers here in the big leagues. >> they tell me 140,000, i have no concept what that is. we are going to do the best we can and it is going to be a learning experience for us. >> reporter: i kept you in mind, the deals are good i've seen 50%, 60% off of already low prices bloomingdale's seems
. >> reporter: the outlets are expected to give the economy a big boost. >> it's $200 million of tax revenue that goes into the coffers. >> reporter: the reason needed more retail. >> i think it's awesome. i don't have to go away to milpitas, i don't have to go away to vacaville, i can stay right here by home. >> reporter: mall managers are also looking to draw tourists in from san francisco hotels and this mall is already 100% leased. so a second site is scheduled to open in 2014. you can see the line of car headlines coming out of this parking lot and they're expect to have 200,000 people visit by the end of the weekend. >> walnut creek police are looking for two men who kidnapped a 57-year-old woman, stole her money and left her tied up in oakland. police say the woman was forced into her own car outside the shadeland's park office. they said the two men blindfolded and bound the woman then withdrew money using her atm card. the man left the victim tied up. >> looking into a number of feeds, security camera footage from a number of locations. >> reporter: police describe the systems sys
to the parking space. >> reporter: the outlets are expected to give the economy a big boost. >> it's $200 million of tax revenue that goes into the coffers. >> reporter: the reason needed more retail. >> i think it's awesome. i don't have to go away to milpitas, i don't have to go away to vacaville, i can stay right here by home. >> reporter: mall managers are also looking to draw tourists in from san francisco hotels and this mall is already 100% leased. so a second site is scheduled to open in 2014. you can see the line of car headlines coming out of this parking lot and they're expect to have 200,000 people visit by the end of the weekend. >> walnut creek police are looking for two men who kidnapped a 57-year-old woman, stole her money and left her tied up in oakland. police say the woman was forced into her own car outside the shadeland's park office. they said the two men blindfolded and bound the woman then withdrew money using her atm card. the man left the victim tied up. >> looking into a number of feeds, security camera footage from a number of locations. >> reporter: police describe t
comments today about actions needed to avoid the so-called fiscal cliff that could plunge the economy back into resection. the president will ask republicans and democrats to work together. he will speak from the white house at 10:00 this morning, our time, about tax increases and spending cuts that will come automatically if congress doesn't act before january 1st. more coming up in the next half hour. >>> new report shows bay area job market should expand more quickly. the bay area -- job totals should expand by 7.2% overall. professional and business services will grow the most quickly over two years. education and health care are expected to grow by 10%, leisure and hospitality will expand by 9%. the only bay area job losses are expected to come from government agencies. >>> moraga school board president has abruptly resigned hours after winning reelection tuesday. the district superintendent e-mailed parents last night about the resignation, effectively immediately. the school district has been receiving criticism over its handling of a sex abuse lawsuit. kristen cunnane is suing for
, the economy would be forced back into a recession next year and unemployment would jump to 9.1% by the fall from 7.9% today. president obama who's been back at the white house for just one full day wants aludel that includes an overhaul of the tax system with tax increases on wealthier americans. house speaker john boehner repeated this week he is not willing to consider any tax increases but he said in an interview yesterday he's the most reasonable person in washington and the president knows it. democrats are hoping president obama will take a hard line during his first post election speech today from the white house but his aides are emphasizing that he's going to talk about how important it is to cooperate. reporting live from washington dc. >>> ktvu will carry the president's speech for you this morning live right here on channel 2. again, it's scheduled to begin at 10:05:00 a.m. >>> oakland police are looking for a man who they say tried to kidnap a 14-year-old girl. he tried to pull the girl into a waiting truck on 103rd avenue and international boulevard on monday. she was able to
the white house this afternoon about the economy and what it will take to stave off the fiscal cliff. we'll have a live report from the white house straight ahead. >> also new, a tough reprimand for member of that highly respected seal team 6. did they reveal classified information to the makers of a video game. we'll have more an that. >> and then a real drama for one of the young stars of "modern family." ariel winter removed from her home. there are some new details in the case this morning and her mother has released a statement to nbc news. we'll talk about that. >> plus, first let's get to the top stories of the morning. natalie plo ra less is at the news desk. good morning. >> good morning everyone. it is back to work for president obama today as he addresses congress about the fiscal cliff, tax increases and automatic spending cuts slated to slam the economy back into a possible recession in january if the house and senate don't intervene. partisan politics have gotten in the way on the issue as republicans refuse to hike tax rates on wealthy americans. the president is expected
: the congressional budget office says the economy will fall into a recession and analysts predict the unemployment rate will climb back up to 9% and there could be a delay in people receiving income tax returns. major consequences. >> nobody wants that. thank you. >>> while we are talking percentages time to turnover to mike and talk about what the chances are for showers or wet roads. >> heard it, the heavy rain, the thunder that accompanied the lightning. >>> couple bolts of lightning overnight especially concord and san francisco, causing the power outage there is, we had small hail fall through our thunderstorms as we talked about and there is still another chance of that best chance morgan hill and san martin southern sections of santa clara valley sliding south, gilroy get ready it is go to get wet in your neighborhoods. higher elevations under the radar and satellite, you can see it is getting color coded that means starting to mix some of the snow into our highest elevations like mount hamilton getting snow now quickly fading but it definitely left a dusting. can't wait to see daytime shot
the economy expire. president obama is asking the wealthiest americans to pay more in taxes to help cut the taxes. republicans say raising taxes on business owners would only eliminate more jobs. >> what has been the missing ingredient in congress to date has been the revenue. and to make sure that it is fairly distributed and the wealthy pay their fair share. that is what we face right now. if our republican counter parts can step forward with that revenue piece, we will be able to find a solution. >> president obama said two years ago now is not the time with a sluggish economy to raise taxes. we need to consider the fact that the folks he is talking about raising taxes on are the job creators, the small business community. >> doing nothing means the tax cuts would expire for everyone and the typical american family would pay about $2,000 more in taxes next year. >>> we are learning new details this morning about the shocking scandal that has force the the head of the cia to resign. >> it was affair between petraeus and his biographerrer, paula broadwell. she had extraordinary access
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